MC Qu. 290 It is obvious that an error occurred in the... It is obvious that an error occurred in the preparation and/or posting of closing entries if. Multiple Choice all revenue and expense accounts have zero balances the Retained earnings account is debited for the amount of the net loss for the period. the income summary account is debited for the amount of net income for the period. all balance sheet accounts have zero balances. only permanent accounts appear on the post-closing trial balance